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Son involved in Rust Rare Coin scheme sentenced to prison, probation, restitution

Posted at 5:40 PM, May 31, 2022
and last updated 2022-06-01 13:03:38-04

SALT LAKE CITY — The final defendant in the Rust Rare Coin Ponzi scheme was sentenced Tuesday.

A federal judge gave Joshua Rust six months in prison followed by 36 months of probation. He also must pay $1.7 million in restitution.

Rust pleaded guilty to misprision of wire fraud conspiracy in a scheme that took $200 million from investors who thought they were in a silver trading program.

Instead, Rust’s father, Gaylen Rust, spent money on a home, racehorses, mistresses and charitable contributions. He is serving 19 years in prison.